There are newer employer reviews for Ameriprise

 

It's a good place to start and you might just stay.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Financial Advisor  in  Philadelphia, PA
Current Employee - Financial Advisor in Philadelphia, PA

I have been working at Ameriprise

Pros

It's a flexible career which allows you to work as much or as little as you want. My favorite part is that you are able to build great relationships with clients that you like that can last a lifetime.

Cons

It's hard work and a lot of it. I would not recommend it if you have significant financial responsibilities or if you do not want to work long hours in the beginning. The fact that you do not have a big base means that you will likely not be sure how you are going to pay your bills.

Advice to ManagementAdvice

I think they have done a good job of raising standards and although it makes the job more difficult I think it is ultimately worth it.

Approves of CEO

557 Other Employee Reviews for Ameriprise (View Most Recent)

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  1. 2 people found this helpful  

    "Its a jungle out there"-The pros and cons of life at Ameriprise

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Planner  in  Philadelphia, PA
    Current Employee - Financial Planner in Philadelphia, PA

    I have been working at Ameriprise

    Pros

    The pros to working with AMP is the training as an advisor. They give you scripts for the phone calls, the initial interview meetings and the implementation meetings, including verbatim objections. Along with that in the beginning a manager will help you conduct all of your meetings. They teach you about the different personality types, investments, questioning, compliance (obviously), and marketing. Compared to other companies in the industry from what I have learned our training for new hire FA's is top notch. The only company I have heard similar comments about training is Edward Jones. The payouts are good compared to most of the employee based brokerage houses. The the top payout is 55%. 5% of that goes to company stock so its really a net 50% payout. The payout grid is based 60% on GDC, 20% on clients acquired and 20% financial plans sold. To get a payout in that neighborhood you would have to be writing about 225k GDC, get 30 clients acquired, sell 35 plans (as a side note for clients acquired you get bonus points for how big the client is so a $500K account is equal to 5 points). Also, there is an "advisor coach" role that you can get in that pays you 20% of the GDC you write for an advisor you coach, which is a pretty sweet way to hold you over during slumps. Also, another plus is the marketing support: They pay for all of your marketing and give you some leads (the leads they give you are not nearly enough to build a book off). Then after you have been there 3 years, have 20 million AUM and 150GDC rolling you can go P2 which means you can be an independent contractor with AMP (1099 worker). After 3 years of P2 you can sell your book. I know a guy who sold his book of about 20 million, all wrap for $500k.

    Cons

    The biggest negatives to Ameriprise are as follows:
    *Most people will never make it-In the time last year I have seen at least 25 people quit. As you could imagine this creates pockets of negativity in the office.
    *Managers give new people unrealistic potential income numbers-When I started they said that the average advisor makes $170k a year by there 3rd or 4th year. Yea right! I have seen with my own eyeballs probably 4 or 5 people do this. Maybe 170K GDC but that you put you at about 75K-80K.
    *The hours in the beginning are horrendous- You work 8-8 Monday-Thursday and 8-5 Friday. Keep in mind in your first year you would be lucky to crack $45K or better in income.
    *The structure is good in the beginning but when you have some momentum it could actually slow you down.
    *There is no salary, it’s a draw of $24K-It is too complex for me to explain but hear is the general idea. Its like me saying, I am going to give you a license to sell my stuff, if you have a week that you don’t sell anything hear is a credit card that you can cash advance $24K from. When you do have a week that you sell stuff you need to pay me back FIRST, then pay yourself second.
    *Some of the marketing is a little embarrassing and ineffective-When you first start at AMP they will introduce you to something call "fish bowl marketing". The way it works is you put a fishbowl in a local restaurant, someone drops there business card in it, you call them and tell them that they have been selected for a lunch for them and 10 people. The day of the lunch you do a 10 minute canned presentation before lunch is served, collect comment cards and then leave. The reality is they hardly ever work. I only know of a small handful of people who can get them to work with any consistency. The rest of the people are gambling with the company's money.

    Advice to ManagementAdvice

    We need to do a better job giving resources to people who can convert on it. We would be better having smaller offices with higher producing advisors than big offices where 20 to 30 people quit every year.

    Doesn't Recommend
    Approves of CEO
  2. 2 people found this helpful  

    don't work here unless you are willing to work for little pay and long hours and are willing to be dishonest!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Advisor  in  Yardley, PA
    Current Employee - Financial Advisor in Yardley, PA

    I have been working at Ameriprise

    Pros

    None. A lot of big promisses... none delivered!

    Cons

    You are expected to work long hours for very little pay. They are most likely violating employment laws. They lie about the amount of money you will make. There is litlie to no training before they expect you to start bringing on clients. The expect you to bring on your family and friends before you are trained and you have any clue about what you are askiing you family and friends to sign up for. 1 in 10 make it past the first 10 weeks... by then they have hooked your family and friends who have signed a 1 year contract and payed a lot of money.

    Advice to ManagementAdvice

    Don't lie or mislead people about this career. Invest in your employees and train them before you ask them to start selling.

    Doesn't Recommend
    No opinion of CEO
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